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Bruce Bennett represents domestic and global financial institutions and other market participants on transactional and regulatory aspects of the global markets. He is the co-chair of the firm's Financial Services Group. Mr. Bennett's work for investment and commercial banks, asset managers and other institutional investors and trade associations spans capital markets and futures and derivatives markets, as well as regulatory matters involving the SEC, FINRA, the CFTC and banking regulators. Mr. Bennett is a recognized leader in capital markets, futures and derivatives and banking regulation, and has focused extensively in recent years on the foreign exchange markets.

A major financial institution and trade associations for financial institutions and asset managers in connection with the treatment of non-deliverable forward transactions under the Dodd-Frank Act.

A major financial institution in restructuring its trading and markets operations under the Securities Exchange Act.

Major financial institutions in antitrust class actions alleging manipulation of various benchmarks (including LIBOR, FX and ISDAFix) and in various enforcement matters, including relating to trading in U.S. Government Securities.

Major financial institutions in a variety of financings and internal restructurings.

UBS AG in connection with the failure of the auction rate securities market.

InterActiveCorp in the structuring, negotiation and execution of equity derivative transactions to hedge a concurrent exchangeable notes debt issuance.

A coalition of Foreign Exchange Intermediaries in obtaining and implementing CFTC relief under Dodd-Frank provisions relating to derivatives, permitting continuation of their business operations.

A variety of domestic and international banks on compliance with the Volcker Rule and other aspects of the Dodd-Frank Act.

The Board of Directors of the Securities Investor Protection Corporation in connection with the SEC’s efforts to compel SIPC to provide coverage to victims of Allan Stanford’s ponzi scheme.

The American Bankers’ Association in its successful litigation challenging the application of the Volcker Rule to Trust Preferred Collateralized Debt Obligations.

The Bond Market Association (prior to its merger with the Securities Industry Association to create SIFMA) in commenting on and implementing the SEC’s Securities Offering Reform in 2005.

A wide range of corporate end-users of derivatives (including pension funds for several Fortune 500 companies) on transactional, documentation and regulatory aspects of their participation in these markets, including the application of MiFID and MiFID II to the international derivatives operations of U.S.-based public companies.

The recent decisions of the United States District Court for the Southern District of New York in the Marblegate and Caesars Entertainment cases contain language that suggests a significant departure from the widely understood meaning of TIA Section 316(b) that has prevailed among practitioners for decades. These cases have introduced interpretive issues that ...

In response to questions from a Member of the European Parliament, the European Data Protection Board (EDPB) has provided much needed clarification on the overlap between the General Data Protection Regulation (GDPR) and the EU Payment Services Directive (PSD2) in an open letter. As we identified in a previous blog post on this topic, the...… Continue Reading

Blockchain technology has the potential to revolutionise many industries; it has been said that “blockchain will do to the financial system what the internet did to media”. Its most famous use is its role as the architecture of the cryptocurrency Bitcoin, however it has many other potential uses in the financial sector, for instance in...… Continue Reading

On Wednesday, April 18th, the SEC introduced a much-anticipated package of proposed rules and formal guidance concerning the standards of conduct for financial professionals. The more than 1,000-page proposal, which emerged eight years after Congress required the agency to conduct a study on the topic, addresses whether investment advisers and broker-dealers ...

The Payment Services Directive (PSD2), which took effect on January 13, 2018, puts an obligation on banks to give Third Party Providers (TPPs) access to a customer’s payment account data, provided the customer expressly consents to such disclosure. The new legislation is intended to improve competition and innovation in the EU market for payment services....… ...

The universe of those covered by the SEC’s pay-to-play restrictions is expanding. If a newly proposed SEC rule is adopted as expected, pay-to-play restrictions will now extend to cover the recently created class of broker-dealers called Capital Acquisition Brokers (“CABs”).

The U.S. Commodity Futures Trading Commission (the “CFTC” or the “Commission”) has been very active since the beginning of this year, despite the change in Presidential Administration, the lack (until recently) of appointed Commissioners, and the turnover of leadership at both the Commission and Division level. Notably, the Commission has announced over 20 ...

The U.S. Commodity Futures Trading Commission (the “CFTC” or the “Commission”) has been very active since the beginning of this year, despite the change in Presidential Administration, the lack (until recently) of appointed Commissioners, and the turnover of leadership at both the Commission and Division level. Notably, the Commission has announced over 20 ...

Bruce Bennett is quoted in a Law360 article providing tips for British banks under the Trump Administration’s approach to financial reform. Commenting on the full repeal of Dodd-Frank, Bennett says, “[it] would be very difficult for a variety of reasons.” He adds, “Our sense is, in the overall hierarchy of priorities the new president has, this isn’t at the ...

On November 8, 2016, American voters elected Republican Donald J. Trump as President. In addition, Republicans maintained control of the House of Representatives and the Senate. As the campaign rhetoric fades into the background over the coming weeks and months, the business of transitioning to a new administration will begin in earnest. The results of...… ...

On November 8, 2016, American voters elected Republican Donald J. Trump as President. In addition, Republicans maintained control of the House of Representatives and the Senate. As the campaign rhetoric fades into the background over the coming weeks and months, the business of transitioning to a new administration will begin in earnest. The results of the ...

As election season enters full swing, with political candidates at all levels actively soliciting campaign donations from individuals and companies, it is an ideal time for all companies to review the policies and procedures in place for political donations. While the SEC’s pay-to-play rules governing registered investment advisers and their “covered associates” ...

NEW YORK—Covington advised Medical Research Council Technology, a UK-based independent life science medical research charity, in its sale of a portion of the royalty stream associated with its cancer drug Keytruda® for $150 million (£115.6 million).
Keytruda® (pembrolizumab), is a new generation treatment which stimulates the body’s immune system to fight ...

NEW YORK—Covington advised Beltone Financial Holding, a leading Egyptian investment bank, in its acquisition of 51 percent of Auerbach Grayson & Company, a New York brokerage firm specializing in global trade execution and research on developed, frontier, and emerging markets for U.S. institutional investors.
This acquisition marks Beltone Financial’s entry into ...

BRUSSELS — Sophie Bertin, a former senior official who served as Head of Unit in the “Financial Crisis” Task Force within the Directorate-General for Competition at the European Commission, has joined forces with Covington’s global antitrust and competition practice. Ms. Bertin will be working with the firm’s Brussels and London offices.
At DG COMP, Ms. Bertin ...

Covington & Burling LLP operates as a limited liability partnership worldwide, with the practice in England and Wales conducted by an affiliated
limited liability multinational partnership, Covington & Burling LLP, which is formed under the laws of the State of Delaware in the United States
and authorized and regulated by the Solicitors Regulation Authority with registration number 77071.
The practice in Johannesburg is conducted by an affiliated limited company Covington & Burling (Pty) Ltd. The practice in Dublin Ireland is through a general affiliated Irish partnership, Covington & Burling and authorized and regulated by the Law Society of Ireland with registration number F9013.